Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The Company’s goodwill balance was $487,909 as of March 31, 2024 and December 31, 2023. The Company performed an annual test for goodwill impairment based on the financial information available as of October 31, 2023 for the year ended December 31, 2023 and determined that goodwill was not impaired. The Company performed a qualitative analysis of factors and determined that goodwill was not impaired as of March 31, 2024.

Other Intangible Assets

Information regarding the Company’s intangible assets is as follows:

March 31, 2024	Gross carrying amount		Accumulated amortization		Net carrying amount
Indefinite-lived intangible assets:
Broker-dealer relationships	$	570,480	$	—	$	570,480
Enterprise distribution channel customer relationships	17,500		—		17,500
Definite-lived intangible assets:
Trade names	50,530		(17,989)		32,541
Technology	19,600		(6,439)		13,161
Customer relationships	36,450		(10,572)		25,878
Regulatory licenses	34,850		(12,924)		21,926
Non-compete agreements	400		(367)		33
Total	$	729,810	$	(48,291)	$	681,519

December 31, 2023	Gross carrying amount		Accumulated amortization		Net carrying amount
Indefinite-lived intangible assets:
Broker-dealer relationships	$	570,480	$	—	$	570,480
Enterprise distribution channel customer relationships	17,500		—		17,500
Definite-lived intangible assets:
Trade names	50,530		(17,305)		33,225
Technology	19,600		(5,694)		13,906
Customer relationships	36,450		(9,846)		26,604
Regulatory licenses	34,850		(12,488)		22,362
Non-compete agreements	400		(335)		65
Total	$	729,810	$	(45,668)	$	684,142

Amortization expense for definite-lived intangible assets was $2,623 and $2,616 for the three months ended March 31, 2024 and 2023, respectively. The Company performed an annual test for intangible assets impairment in October for the year ended December 31, 2023 and determined that intangible assets were not impaired. The Company performed a qualitative analysis of factors and determined that intangible assets were not impaired as of March 31, 2024.

Estimated amortization expense for definite‑lived intangible assets for future years is as follows:

Remainder of 2024	$	7,802
2025	10,308
2026	9,158
2027	9,158
2028	9,158
2029 and thereafter	47,955
Total	$	93,539